Puravankara’s Q1 net up 258%
Puravankara Projects, on Thursday, announced a huge 258 per cent jump in its consolidated net profit for quarter ended June 30, 2010 at Rs 36.69 crore in comparison to Rs 10.24 crore in the corresponding quarter of the previous year.
Revenues for June quarter have increased by 108 per cent over last year at Rs 116.29 crore. The net profit margin for the quarter at over 31 per cent continues to show healthy trends in the realty markets.
Puravankara’s gross profit margin was above 42 per cent level whilst selling, general and administrative expenses have been closely monitored and controlled, the company said. The company said it has sold 65 per cent of its inventory, adding that market had been very positive since the last two quarters, and it was receiving lot of enquiries. Provident Housing, affordable housing subsidiary of Puravankara Projects Limited, has launched its first two projects comprising of 5,534 homes covering an area of 5.69 million sqft.
The price range of homes in these projects, located in Chennai and Bangalore respectively, is between Rs 15 lakh and Rs 20 lakh. The company said the area currently under development is 20.25 million sqft with projects spread across Bangalore, Chennai, Hyderabad, Kochi and Kolkata.
Briefing reporters, Puravankara Director Ashish Puravankara said the current land bank of the company has been considerably augmented through recent land acquisitions and it stood at 143.25 million sqft at the end of June 2010.
